Cinven Ltd. and Permira Advisers LLP sold a combined 10.2% stake in U.K.-based financial services firm JRP Group Plc, more than the 8% they previously planned to sell, amid strong investor demand.
According to a statement from JRP, Cinven and Permira sold an aggregate of 95 million ordinary shares, with Cinven selling 38 million shares and Permira selling 57 million shares, at 130 pence apiece, payable in cash on usual settlement terms.
After the placement, Cinven will hold 144,479,320 ordinary shares in JRP, constituting 15.5% of the issued share capital, and Permira will hold 216,057,001 shares, equivalent to 23.2% of the issued share capital. JRP will not receive any proceeds from the placement.
The shares are subject to a 90-day lock-up after completion of the placement. The placement is expected to close on a T+2 basis March 31.
Barclays Bank plc acting through its investment bank Barclays and Numis Securities Limited served as joint book runners for the sellers.